Economy

After its embarrassing failure to win either popular or Senate crossbench support for its proposed big business tax cuts, the Coalition government has instead opted to bring forward tax cuts for small and medium businesses by five years.

In 2009, economist Steve Keen walked from Canberra to Mount Kosciuszko after losing a bet that the Australian housing market would crash 40% after the Global Financial Crisis (GFC). However, he had been one of the few economists who actually predicted the coming of the GFC. And he still maintains that a crash in the Australian housing market is coming.

Prime Minister Scott Morrison called it “Sydney’s biggest billboard”. Most of us call it the Sydney Opera House. The difference is revealing of two sharply contrasting mindsets.

The interim report of Royal Commissioner Kenneth Hayne on the crimes and greed of the Big Four banks underlines the urgent need to radically overhaul the banking and financial system.

The Electrical Trades Union (ETU) Western Australia branch has tightened the screws on the Australian Labor Party over its betrayal on the Trans-Pacific Partnership (TPP-11) agreement.

On July 6, Haiti exploded. By the tens of thousands, Haitians poured into the streets of Port-au-Prince to demand the resignation of President Jovenel Moise. Robert Roth looks at the roots of the rising that ousted the prime minister and forced a government back down.

The protests were sparked by the government’s announcement that it would cut or remove subsidies on fuel. This led to a 38% rise in petrol prices, with the price of kerosene jumping 50% to US$4 a gallon.

The Production of Money: How to Break the Power of the Bankers
Ann Pettifor
Verso
London, 2017
192 pages
Fictitious Capital: How Finance is Appropriating Our Future
Cederic Durand
Translated by David Broder
Verso
London, 2017
176 pages

Mexico’s next president, Andres Manuel Lopez Obrador (AMLO for short) is still three months away from taking office, but some of his campaign trail promises already seem distant, writes Ryan Mallett-Outtrim from Puebla.

Back in July, AMLO became the first left-wing candidate in Mexico’s modern history to win a presidential election, though he has to wait until December 1 to take office.

Food delivery giant Foodora is leaving Australia owing $28.3 million in debts to workers and small business, plus more in unpaid taxes.

This huge debt is small change for Foodora’s parent company, Delivery Hero, which is worth $14.7 billion. Based in Germany, Delivery Hero trades in 40 countries and is attempting to further expand its global reach.

There has been ongoing reporting of individual instances of bank malpractice and occasional reporting of large scale institutionalised malpractice. Reporting of the banking royal commission hearings has quickened the pace. But nobody, including the media, joins the dots: the key financial institutions are structurally given to corrupt practices, writes Evan Jones.

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